Distinguishing Medicaid From Medicare

Oftentimes, people have a hard time remember the difference between Medicaid and Medicare, the services provided, who oversees these programs, and how to qualify for benefits. While each program is run by the Center for Medicare & Medicaid Services (CMMS), they are entirely different. Continue reading “Distinguishing Medicaid From Medicare”

Irrevocable Medicaid Trust

While people are living longer lives than they did in the past, it also creates a higher probability that a person will need the service of a long-term care facility someday. The cost of long-term care will often deplete a person’s savings within a short period. Without the support of Medicaid, people will possibly end up having to sell assets in order to come up with the money to afford their long-term care. Short of a proper estate plan, the money they have earned and the assets they have gained throughout their life will be used solely to pay for their long-term care instead of going to loved ones. Continue reading “Irrevocable Medicaid Trust”

2018 Medicaid Resource and Income Levels

Nassau County Medicaid eligibility consultingAs of January 1, 2018, the New York State Department of Health adjusted the amount of income and assets that a single person who is a Medicaid recipient may have to no more than $15,150 in assets and $845 in monthly income. For eligibility purposes, there are certain assets and income that are considered exempt such as qualifying retirement accounts where the individual is taking monthly-required distributions. A primary residence is also an exempt asset, as well as an irrevocable pre-paid funeral. Continue reading “2018 Medicaid Resource and Income Levels”

Medicaid State-to-State Transfer Rules

Medicaid eligibility professionals Long IslandMany Medicaid recipients believe that since Medicaid is a federally funded program that their Medicaid coverage and benefits will automatically switch from one state to another. This assumption is inaccurate. While Medicaid is a federal program, it is also a state program. Therefore, each state has its own eligibility requirements which may make it difficult for a recipient to easily switch their Medicaid coverage to a new state. Continue reading “Medicaid State-to-State Transfer Rules”

Joint Bank Accounts Offer No Protection from Medicaid

Long Island Medicaid eligibility assistanceChildren and parents should be aware of adding one another to their bank accounts as joint owners. While joint bank accounts may offer parents a certain level of protection by making sure that someone will always have access to their money to pay bills, joint bank accounts are more likely to cause greater issues instead of resolving issues. As individuals begin to grow older, they tend to become concerned with how they will finance their long-term care. Many people turn to Medicaid, a joint Federal and State funded program, to help fund this expense. Since Medicaid eligibility is determined by a combined value of assets and income, joint bank accounts can have negative effects on a person’s ability to secure Medicaid benefits. Continue reading “Joint Bank Accounts Offer No Protection from Medicaid”

States May be Allowed to Invoke Work Requirements for Medicaid Eligibility

Long Island Medicaid eligibility consultingMedicaid provides health coverage to over 72.5 million Americans. Those covered include children, pregnant women, parents, seniors and those with disabilities. According to Medicaid.gov, Medicaid is currently the leading provider of health coverage in the United States. Continue reading “States May be Allowed to Invoke Work Requirements for Medicaid Eligibility”

My Medicaid Application Was Denied, Now What?

A Medicaid application can be denied for various reasons. While a denial notice may have left you feeling pessimistic, you have the right to appeal the denial. Many times, Medicaid applications will be denied because of simple mistakes, such as missing documentation, and this can be easily fixed. Common Medicaid application denial reasons include: Continue reading “My Medicaid Application Was Denied, Now What?”

Spending Down Assets for Medicaid: A Prepaid Funeral Contract

In order to be eligible for Medicaid, there are certain asset limits that need to be followed. Some of those include $2,000 in cash ($3,000 for a couple), a home valued at $500,000 or less, one automobile of any market value, funeral and burial funds, any real or personal property deemed essential for self-support, and a life insurance policy not exceeding $1,500. If an applicant wishes to receive Medicaid funding but has excessive assets, they will need to either spend down those assets or use the excessive amount to pay for long-term care needs until the surplus amount is drained. Continue reading “Spending Down Assets for Medicaid: A Prepaid Funeral Contract”

Spousal Medicaid

Long Island Medicaid application assistanceMedicaid law has provided special protections for those spouses who are healthy and wish to remain in the community while their husband or wife relocates to a long-term care facility. In 1988, Congress enacted provisions designed to ensure that the spouse who is still living at home will have enough income and resources to remain part of the community. These provisions have come to be known as spousal impoverishment provisions. Continue reading “Spousal Medicaid”

How to Apply for Medicaid

seniorWhen you apply for Medicaid coverage, a caseworker with review and assess whether you qualify for Medicaid benefits. Eligibility is need-based determinative, so it is important that you have evidence of your qualifications for the program. Make sure that before you apply, you have the necessary documents in hand.

Continue reading “How to Apply for Medicaid”